Anaklia Development Consortium and leading foreign investor Bob Meyer have launched an arbitration dispute against Georgia.
Bob Meyer has filed a lawsuit with the International Center for Settlement of Investment Disputes.
The consortium has addressed to the Arbitration Court of the International Chamber of Commerce.
As the consortium and the investor report, the two lawsuits require the resumption of the rights infringed as part of the Anaklia port project.
One of the requirements is compensation for financial loss, exceeding one bln USD.
"As a patriotic deed, the consortium suspended the lawsuits for the coronavirus pandemic not to interfere with the government with combating against the pandemic. But the government contains the consortium to launch an arbitration dispute," Ted Jonas, a member of the consortium's supervisory board, declared.
The consortium reports that this decision is an outcome of the Georgian government's action against the Anaklia port project.
"The government harms the Georgian economy by undermining the project,'' he said.
In his words, the government prevents foreign investors from making investments in Georgia.
Anaklia Development Consortium considers the decision of the Georgian government to terminate the agreement with it illegal.
The Georgian government terminated the contract with the Anaklia Development Consortium on January 9. It said the reason was the failure to fulfill obligations for the development of the project.
Bela Gelashvili
News Author